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Campbell's is not counting on Millennial consumers as its target shoppers to stem the decline of its namesake label. (Photographer: Cole Burston/Bloomberg)

In the continued war of words between
Campbell Soup and activist investor Dan Loeb’s Third Point ahead of the company’s November 29 annual shareholder meeting, Campbell Soup said Friday that it plans to focus its namesake label just on Gen X consumers while counting on Pacific Foods, the organic soup brand it acquired, to lure higher-income and older Millennials.

While Pacific may already be attracting those demographics, this new detail signals that Campbell’s may have given up the hope that its eponymous label will win over the crucial Millennial segment.

Among other moves detailed in the presentation, Campbell’s said it will position its Goldfish snacks brand as “healthier alternative to other snacks” while investing more in online sales, marketing and innovation.

The company also argued that its recent stock beating is “not unlike” that of the overall food industry. “We and the rest of the food industry have all faced significant industry challenges that require action,” it said, citing factors including consumers’ increased preference for fresh, healthy and natural foods that have disrupted the industry.

Friday’s presentation came as Campbell’s faces growing pressure from Third Point, which this week raised its stake of the Camden, New Jersey-based company to 6.98%, from 5.65%. Third Point is seeking to axe the entire Campbell’s board after criticizing the company’s long-awaited strategic review in August. This week it also criticized Campbell’s plan to name a new CEO by the end of the year.

“It is entirely uncontroversial to insist that the next permanent CEO be selected by the newly elected board,” Third Point said in a letter to Campbell’s chairman Les Vinney this week. “The chance of the company being able to attract a first-rate food executive in the middle of a proxy fight is low.”

Campbell’s, which ousted CEO Denise Morrison in May, said earlier this month that Third Point, which it said held “material short positions in Campbell stock for most of 2017” before becoming a shareholder recently, is just trying to force a sale of the company.

Campbell’s said in August that it’s selling its Campbell Fresh division, which includes Bolthouse Farms, to focus on its core portfolio of soup, simple meals and snacks, like its newly acquired Snyder’s-Lance snacks business.

Citing IRI data, the company said in August that its share in the “wet soup” category had declined 2.4 percentage points, to 59%, in the 52 weeks ended July 29, even as the category itself saw growth and other brands and retailers’ own private labels have all picked up share.

“We have publicly assessed our own performance with candor,” Campbell’s said on Friday. “The Campbell board has been driving change long before Third Point bought one stock.”

It looks like Campbell’s investors are nowhere near the end of hearing pleas and arguments from both sides heading into the November 29 meeting.

I have covered the retail industry for well over a decade and written for publications including the Wall Street Journal and Bloomberg News. I have also been ranked as a top industry influencer since 2013. An innate curiosity about how things work and what sets one brand apa...